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21 July 2023 / Grant Carroll
Issue: 8034 / Categories: Features , Profession , Cyber , Technology , Insolvency , International
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Is a crypto winter coming?

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With growing numbers of crypto disputes hitting the courts in the Caribbean, Grant Carroll examines the latest power to be added to a liquidator’s arsenal
  • The court of the British Virgin Islands (BVI) has endorsed an extraterritorial order summoning directors of a BVI company in liquidation to appear for private examination by joint liquidators—likely its first.
  • Confirmation of the availability of this power to liquidators will come as welcome news to insolvency practitioners in the BVI.

The court of the British Virgin Islands (BVI) has endorsed what is believed to be its first extraterritorial order summoning directors of a BVI company (in liquidation) to appear for private examination by joint liquidators, in BVIHC(COM) 2022/0119, Russell Crumpler and Christopher Farmer as Joint Liquidators of Three Arrows Capital Ltd (in liquidation) and (1) Zhu Su (2) Kyle Davies. 

Three Arrows conducted a high-profile and prominent cryptocurrency business as a digital asset hedge fund, reportedly operating assets in excess of US$10bn at one stage. Owing to the volatility

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NEWS
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NLJ this week: No such thing as a ‘Welsh seat’
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
NLJ this week: Jury reform risks justice for efficiency’s sake
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
NLJ this week: Crypto fightback offers ‘new frontier for law’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
NLJ this week: Time to revive the duty to report crime?
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
NLJ this week: When are experts truly ‘necessary’?
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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